Elifinty launches socially conscious debt management platform aimed at consumers and creditors

Elifinty launches socially conscious debt management platform aimed at consumers and creditors

Financial wellness fintech Elifinty has launched today, providing UK consumers and creditors with the tools they need to manage and remedy the root causes of problem debt and to help consumers develop a sustainable financial future.

Until now, the debt management market has been fragmented and confusing to all parties involved. A wide range of debt advisors, businesses and charities provide useful information and tools helping consumers to better manage their debt, but the landscape is difficult to navigate for both consumers and creditors. Currently, consumer debts take an average of two years to clear, due to a disconnect between the services offered by the debt management market and consumer’s needs.

Elifinty addresses this issue head on, bringing to market EliHUB, an end to end consumer debt management platform. Harnessing the power of open banking, Elifinity is the first fintech to provide consumers with tailored debt support and a direct connection to professional advisors and creditors. Elihub’s innovative approach solves the largest problem faced by UK consumers: the absence of fast and informed advice tailored for each consumer, enabling consumers to get out of debt and build a sustainable relationship with their finances.

In partnership with Impact on Urban Health, Elifinty has initially rolled out EliHUB in the London borough of Southwark and Lambeth, and will soon welcome all UK consumers to its platform. According to StepChange, a UK debt advisory charity,  the borough of Southwark and Lambeth is one of the worst hit areas during the cost of living crisis, estimating that 40,000 of its residents are in problem debt.

Banks, utility providers, housing associations and other creditors can access TrustConnect, Elifinty’s platform dedicated to connecting businesses with their customers, and customers with the support they need. TrustConnect is a sustainable and socially conscious approach to debt management, building financial resilience and working towards a world free from problem debt.

“It’s unbelievable that until now, customers had nowhere to turn to receive fast and tailored advice for their financial problems despite the advances we’ve made in the financial sector through open banking,” said Maysam Rizvi (pictured), Founder and CEO of Elifinity. “We have used open banking to make it easy for people to get an online bank account, the best mortgage deal or a loan in a matter of minutes – why not use open banking to give people fast and tailored financial advice too?  We also provide businesses such as utility providers, housing associations and banks with access to open data, so they make an informed and direct connection to their customers and offer debt management support that works for them.”

According to the Office of National Statistics (ONS), the cost of living crisis in the UK has caused hardship for millions of people, with almost 1 in 4 adults borrowing more money or using credit cards to make ends meet. A survey by the by the Together Through This Crisis initiative, reports that 40% of people have no money left at the end of the month, while 24% run out of money for essentials either most months or most days.